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SacOil, the South African based, independent African oil and gas company listed on the JSE and AIM (JSE: SCL / AIM: SAC) is pleased to provide the following update on the Company’s on-going operational activities in the Democratic Republic of Congo (“DRC”), Nigeria, Malawi, and Botswana.

SacOil, under the guidance of its new board of directors, remains focussed on delivering its vision to build a balanced portfolio of assets from exploration to established production and cash flow in Africa.

Further to the announcement released on the Stock Exchange News Service of the JSE Limited (“JSE”) and on the Regulatory News Service of the London Stock Exchange on 12 September 2013 (the “Announcement”), shareholders are advised that the circular relating to:

• the Specific Issue (as defined in the Announcement);
• the Rights Offer (as defined in the Announcement);
• the proposed Whitewash Resolution (as defined in the Announcement); and
• the proposed appointment of Gairloch Limited nominated directors,

(the “General Meeting Circular”)

has today, 7 November 2013, been posted to SacOil shareholders and has been made available on SacOil’s website, www.sacoilholdings.com.

On 23 September 2013 the Company circulated a notice of Annual General Meeting (“the Notice”) dealing with, inter alia, the election of Audit Committee members. The JSE Limited subsequently informed the Company that its Audit Committee would not be properly constituted according to the requirements of the JSE Limited Listings Requirements (“the Listings Requirements”), if Ordinary Resolution Number 3 – Election of Audit Committee Members, as contained in the Notice, was passed by the shareholders, as the Listings Requirements require an audit committee to be comprised of at least three independent non-executive directors, as recommended by the revised Code of and Report on Governance Principles for South Africa (King III).

Shareholders are referred to the announcement dated 12 September 2013 containing details of the conversion of the Gairloch debt to equity (the “Specific Issue”) and the capital raising of up to R570 million by way of a renounceable rights offer (the “Rights Offer”).

As the pro forma financial effects of the Specific Issue and Rights Offer have not yet been published, in line with the JSE Listings Requirements, shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.

Since the suspension of trading in the Company’s shares on 31 May 2013, the Company believes that it has fulfilled the conditions to warrant the lifting of the suspension of trade in the Company’s shares on the Main Board of the JSE Limited (“JSE”) and the AIM Market (“AIM”) of the London Stock Exchange.

In this respect the Company has fulfilled the following conditions:

SacOil has issued 2,777,777 new ordinary shares of no par value in the share capital of the Company (“SacOil Shares”) at an issue price of R0.27 per ordinary share (“the Issue Shares”), thereby raising a total cash amount of R750,000 (“the Cash Issue”).

The annual general meeting of SacOil will be held on Friday, 29 November 2013 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston.

The record date on which members must be recorded as such in the register maintained by the transfer secretaries of the Company for the purpose of being entitled to attend and vote at the annual general meeting is Friday, 22 November 2013.